BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Travelers profit misses on weak underwriting, higher asbestos claims


(Reuters) — Property/casualty insurer Travelers Cos. Inc. reported a lower-than-expected quarterly profit on Tuesday, hurt by weak underwriting and a rise in asbestos claims.

New York-based Travelers, often seen as a bellwether for the insurance sector, posted an underwriting loss of $149 million, compared with a gain of $198 million a year earlier.

The insurer said it set aside an additional $220 million for asbestos claim reserves in its business insurance unit, compared with a year earlier. The company also set aside higher claims reserves in its commercial auto business.

Net income fell to $396 million, or $1.50 per share, in the third quarter ended Sept. 30 from $709 million, or $2.62 per share, a year earlier.

On an adjusted basis, the company earned $1.43 per share, while analysts were expecting $2.35 per share, according to IBES data from Refinitiv.

The Dow component’s total revenue rose about 4% to $8.01 billion.

Travelers shares were down nearly 2% in trading before the bell.




Read Next